~$9B in assets from three PNC government and treasury money market funds is expected to be transitioned through mutual fund reorganizations.
Further, ~$2.7B in equity mutual fund assets and $700M in fixed-income mutual fund assets would be reorganized from an addition 15 PNC funds into 10 existing and three newly created Federated funds.
Federated expects to transition three of PNC's fundamentally driven international equity mutual funds into new Federated shell portfolios.
To help the transition of the investment assets related to the transaction, Federated and PCA will encourage PCA's current select equity, structured equity, and international seperate account and separately managed account clients with ~$1.5B in assets to move to Federated.
After the closing PCA will manage ~$21B of custom liquidity and fixed-income solutions for corporate and institutional clients.
Previously: Federated Investors misses by $0.02, misses on revenue (April 25)
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